The easiest and fastest way to apply for a personal loan in the Philippines

The easiest and fastest way to apply for a personal loan in the Philippines

Applying For A Personal Loan In The Philippines


People apply for personal loans for a lot of reasons like funding their education or buying something that they need. This type of loan provides a cash advance to borrowers if they are short on cash. Borrowers have the option to repay the loan in six, twelve, eighteen, twenty-four or even thirty-six months.

A loan by any perspective is designed to render significant monetary help to the needy customers. This goes same with the personal finance as well. The loan is predominantly designed to render awesome help on financial ground. But, just as all the loans have their terms and conditions; this one also has many terms including repayment on timely manner. You will be supposed to pay off the loan on time so that you can fend off charges of any sort in this context.

The main advantage of applying for a personal loan is because a personal loan is an unsecured loan and that the bank doesn’t require any collateral. Banks take on a higher risk of losing money which is why the policies for this type of loan are more stringent.

To avail personal finance from a bank, you need to comply with its cited terms and conditions. You will be asked to submit all required documents that can prove your credibility as a borrower for the loan. However, there is very less documentation and so you don't have experience time consuming procedures of bank to approve you finance. You don't even have to bother for explaining anything to convince your lender that the loan being taken will be used in particular purpose or needs. Clarification is not required.

However, you need to convince your lender about your repayment capacity. Since this type of finance is risky, especially when you are reluctant to pledge your property, the bank usually charges huge rate of interest believing it could help it offset the risk in the event of borrower's inability to repay. This should be taken into consideration.

Lenders base their decisions on your credit history if you are applying for an unsecured loan. If you have a good credit history and you can convince your lender that you will not fail from your responsibilities then your loan will have a higher chance of being approved. In spite of the very high percentage of rejection this type of loan still seems to be the most enticing form of bank loan in the Philippines due to its leniency.

BDO Personal Loan Assistance Philippines

Personal Loan Philippines
Application Assistance Services

Requirements & Documents:
The requirements for Personal Loan Application varies from one bank to another. You will be informed.

Loan Amount:
From P10,000 up to P2,000,000 depending on your salary and/or Credit Card limit. Approximately the maximum approvable monthly loan re-payment is 30% of your gross monthly salary.

Available Loan Terms:
From 6 months, 12 months, 36 months and up to 48 months depending on the bank.

Basic Qualification:
- Must be 21 to 65 years old (end of loan term should be before your 65th birthday).
- Must have good credit standing. No historical defaults.
- If self-employed, business should be operational for at least 2 years.

Requirements for Employed/Salaried Individuals:
- Checking Account
- Latest Certificate of Employment (should not be more than 30 days old). Basic monthly salary, position and length of service must be indicated.
- 2 months latest payslips
- Latest ITR
- 2 Government issued ID (Passport, SSS, PRC, Driver's License, Voter's ID)
- 1 Company issued ID (front and back) with 3 specimen signatures beside the front copy of the ID
- Copy of recent Credit Card statement, if any

Requirements for Self-Employed Individuals:
- DTI/Business Permits
- 6 months bank statements
- Latest Audited Financial Statements with ITR
- Trade References